Prestige Estates is making these acquisitions through wholly owned subsidiary Prestige Retail Ventures Ltd, it said in a statement. The deals will boost Prestige’s annuity portfolio with an estimated incremental rental income of Rs 75 crore a year, the company said.

“This accretive acquisition is a logical and necessary step in the expansion of our earnings and strengthening of our annuity portfolio. Our long-term strategy to create value is to diversify our revenue streams, strengthen annuity base and selectively deploy capital to where its value is high,” said Irfan Razack, chairman and managing director, Prestige Group.

Prestige CEO Venkat Narayana said the company is acquiring CapitaLand's stake in five operating retail malls in Bengaluru, Hyderabad, Mangaluru, Mysuru and Udaipur as well as a mall management company.

The deal also includes the purchase of CapitaLand's stake in the Oakwood serviced residences project at Whitefield, Bengaluru, which has revenue of around Rs 19 crore, and a residential project with a potential developable area of 6,00,000 sq ft at Kochi.

Prestige has presence in residential, office, retail and hospitality segments. It operates across South India, Pune, Goa and Ahmedabad. It claims to have completed 210 projects with developable area of 80 mn square feet and has 53 ongoing projects across segments. The company’s consolidated revenue for financial year 2016-17 was Rs 4,862 crore.

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